White House Eyes Metal Tariff Tweaks, AI Risk Mood Sours, More
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The UK stands apart as a place to do business, not because of one advantage, but many working together. Over £10 trillion in capital, four of the world's top universities, a 10-year industrial strategy in action, its stability with dynamism, global reach with local depth. It all adds up to greater growth.
Find out more at business.gov.uk slash growth. Republicans are growing anxious.
Earlier this week, the House of Representatives passed a bill directly targeting the president's tariffs on Canadian imports. The cost of living and upcoming midterms are starting to concern even Trump allies. Now, Bloomberg has learned the White House is working on tweaks to its trade agenda. Ways to make the steel and aluminium tariffs more targeted and potentially roll back some levies. Countries including the UK, Mexico and Canada, as well as EU members, could stand to benefit from any easing. In London, James Woolcock, Bloomberg Radio.
Yet more companies are being caught up in the so-called AI scare trade. Logistics stocks plunged on Wall Street after a former karaoke company unveiled a new AI-powered platform for the freight industry. The announcement from Algorithm triggered a sell-off that wiped 6.6% off the Russell 3000 trucking index. Paul Dobson is our executive editor for Asia Markets. He says it's the latest example of the mounting anxiety about how AI is disrupting different sectors.
The market is in such a fragile sort of state of mind at the moment, given the other sell-offs we've seen in various industries where it's looked like AI could do those high labor intensive, high cost jobs at a fraction of the cost. Each different sector in turn is facing a little bit of a comeuppance where people are realizing, well, this is another thing that maybe AI can do. And so maybe the companies that are doing it don't deserve the valuations they've currently got.
Paul Dobson speaking there. As Asian stocks followed US indexes lower and traditional safe haven assets, including gold and silver, also declined sharply on Thursday. The news comes as Anthropic announced that it's completed a $30 billion funding round at a valuation of $380 billion. Its technology has been at the heart of the recent AI-related sell-offs that have shaken global markets.
Goldman Sachs top lawyer is leaving the firm following the release of documents highlighting her links to the convicted sex offender Jeffrey Epstein. Goldman CEO David Solomon announced that Cathy Rumler will step down at the end of June, adding that he respects her decision to resign and that she would be missed. Bloomberg's finance reporter Harry Wilson says the revelations from the Epstein files are likely to keep coming.
What we're seeing is a whole host of people around the world, often very wealthy, very influential people, being caught up in this, I guess, ever-growing scandal, which is that they in some way have either had links, connections, were close friends, associates of Jeffrey Epstein, and those relationships now are getting exposed in a very public and a very damaging way for them.
Our reporter Harry Wilson was referring to others mentioned in the documents, including former US Treasury Secretary Larry Summers and attorney Brad Karp. Goldman Sachs said that Rumler disclosed to its leadership at the time that she had previously dealt with Epstein, who had offered to use his network to help her build her private practice. In a statement, Rumler said her responsibility was to put Goldman Sachs' interests first.
And in other news, Hungary's opposition leader, Peter Maia, says that he was secretly taped having sex and has accused the government of trying to blackmail him ahead of key elections. Maia's teaser party has a wide lead in polls over the incumbent, Viktor Orban, who's been in power for 16 years. After rumours of the sex tape appeared in the Hungarian media, the opposition leader said that he was the victim of blackmail.
As you sow, so shall you reap. You will not be able to intimidate or blackmail me. Russian Secret Service help and a flood of fake videos will not be enough.
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